The
Insurance Bureau of Canada (IBC) has joined its other North American counterparts – the American Council of Life Insurers, American Insurance Association, Canadian Life and Health Insurance Association, and Mexican Association of Insurance Companies – to issue a declaration of support for the North American Free Trade Agreement (NAFTA).
The associations’ joint statement said the NAFTA “has facilitated increased trade, improved customer choice, allowed for the provision of more services and has fostered growth and greater cooperation among government policy makers, regulators and insurers in all three countries.”
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They also explained the treaty benefits the industry by removing ownership restrictions and allowing established companies to compete in each other’s markets. The trade associations also said the NAFTA “created a regulatory environment that supports innovation, market efficiency and regulatory transparency”.
“The NAFTA financial services committee has been a valuable mechanism to resolve trade issues through consultation and education instead of lengthy and costly disputes,” the statement read.
“Recognizing the vital contribution that NAFTA has played in all three markets, we look forward to working with our governments to ensure that their modernization efforts enhance the existing benefits the NAFTA provides.”
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